Brent: Can it pause at the 50.0% fib reaction?
There is so far sufficient evidence to pause the rally at the resistance zone. We are watching particularly on monthly reports by OPEC (Mon) and the International Energy Agency (Wed).
Market participants are eyeing at 80.0$ per barrel above this, huge resistance comes at 83.00$. The price surpassed the 161.8% fe (61.60-71.35-61.58$) suggests at 77.50$ (KTM target). We feel the technical resistance level 77.90 it’s 50.0% (Feb 2012 high-April 2016 fall). A successful close above 78.00$ (rounded) could further rally to 80.00$ and 83.00$ levels.
On the flip side, support is placed at 76.30$ and 72.30$. Overall, the trend remains bullish and met all our targets expect 83.00$.
http://www.keytomarkets.com/blog/blog/ktm-commodity-weekly-brent-completed-the-161-8fe/
Market participants are eyeing at 80.0$ per barrel above this, huge resistance comes at 83.00$. The price surpassed the 161.8% fe (61.60-71.35-61.58$) suggests at 77.50$ (KTM target). We feel the technical resistance level 77.90 it’s 50.0% (Feb 2012 high-April 2016 fall). A successful close above 78.00$ (rounded) could further rally to 80.00$ and 83.00$ levels.
On the flip side, support is placed at 76.30$ and 72.30$. Overall, the trend remains bullish and met all our targets expect 83.00$.
http://www.keytomarkets.com/blog/blog/ktm-commodity-weekly-brent-completed-the-161-8fe/
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.